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TGS: TGS- Claim for compensation

ASKER, NORWAY (19 May, 2016) - The Norwegian Government has notified TGS of a
claim for compensation of up to MNOK 326 for the Government's alleged tax
losses arising from tax benefits received by Skeie Energy AS (later known as
E&P Holding AS) under the Petroleum Tax Act in connection with a sale of
seismic data in 2009 from TGS to Skeie Energy. The Government alleges that
TGS has aided and abetted Skeie Energy in attaining undue tax advantages. The
Tax Authorities have previously reported the same matter to Økokrim, and the
Økokrim case is still under investigation.

In the same notification, the Government also requests an extension of the
statute of limitations for three years.

TGS denies any wrongdoing and maintains its position that it is not liable for
the claims. TGS views the sale of seismic data to Skeie Energy as a
legitimate transaction between two independent companies, involving a sale of
high quality seismic data at market prices. TGS was also advised by third
party legal and financial experts in relation to the transaction. TGS
received no tax benefits from the sale of the seismic data.

For further information regarding the Økokrim matter and the transaction with
Skeie Energy, please see the Annual Report 2015.

Company summary

TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to
oil and gas Exploration and Production companies worldwide. In addition to
extensive global geophysical and geological data libraries that include
multi-client seismic data, magnetic and gravity data, digital well logs,
production data and directional surveys, TGS also offers advanced processing
and imaging services, interpretation products, and data integration

For more information visit TGS online at

Forward-looking statements and contact information

All statements in this press release other than statements of historical fact
are forward-looking statements, which are subject to a number of risks,
uncertainties and assumptions that are difficult to predict, and are based
upon assumptions as to future events that may not prove accurate. These
factors include TGS' reliance on a cyclical industry and principle customers,
TGS' ability to continue to expand markets for licensing of data, and TGS'
ability to acquire and process data products at costs commensurate with
profitability. Actual results may differ materially from those expected or
projected in the forward-looking statements. TGS undertakes no responsibility
or obligation to update or alter forward-looking statements for any reason.

TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter
market under the symbol "TGSGY".

For additional information about this press release please contact:

Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TGS via Globenewswire


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